Common use of Election of Interest Rate Basis Clause in Contracts

Election of Interest Rate Basis. The Borrower may select the interest rate basis for the outstanding principal amount of the Loan in accordance with the terms of this Section 2.5(a), except that the Loan initially shall consist of only a Base Rate Tranche: (i) With respect to any Tranche, the Borrower may continue or convert any portion of any LIBOR Tranche or Base Rate Tranche to form new LIBOR Tranches or Base Rate Tranches in accordance with this paragraph. Each such continuation or conversion shall be made pursuant to a Continuation/Conversion Request given by the Borrower to the Lender in writing or by telecopy not later than 11:00 a.m. (Houston, Texas, time) on the fourth Business Day before the date of the proposed continuation or conversion. Each Continuation/Conversion Request shall be fully completed and shall specify the information required therein, and shall be irrevocable and binding on the Borrower. In the case of any continuation or conversion into LIBOR Tranches, upon the Borrower's request, the Lender shall notify the Borrower of the applicable interest rate. Continuations and conversions involving LIBOR Tranches shall be made in integral multiples of the Minimum LIBOR Tranche Multiple. No continuation or conversion shall be permitted if such continuation or conversion would cause the outstanding principal amount of any LIBOR Tranche which would remain outstanding under the Loan to be less than the Minimum LIBOR Tranche Amount. At no time shall there be more than five separate LIBOR Tranches outstanding. Any conversion of an existing LIBOR Tranche is subject to Section 2.6. Subject to the satisfaction of all applicable conditions precedent, the Lender shall before close of business on the date requested by the Borrower for the continuation or conversion, make such continuation or conversion. (ii) At the end of the Interest Period for any LIBOR Tranche if the Borrower has not continued or converted such LIBOR Tranche into new Tranches as provided for in paragraph (i) above, the Borrower shall be deemed to have continued such LIBOR Tranche as a Base Rate Tranche. Each Base Rate Tranche shall continue as a Base Rate Tranche unless the Borrower converts such Base Rate Tranche as provided for in paragraph (i) above.

Election of Interest Rate Basis. The Borrower may select the interest rate basis for the outstanding principal amount of the Loan each Borrowing in accordance with the terms of this Section 2.5(a), except that the Loan initially shall consist of only a Base Rate Tranche:2.4(a): (i) Under the Borrowing Request provided to the Agent in connection with the making of each Borrowing under the Revolving Loan, the Borrower shall select the amount (A) on the third Business Day before the date of any proposed Borrowing comprised of a LIBOR Tranche, or (B) on the same day of any proposed Borrowing comprised solely of a Prime Rate Tranche. The Agent shall promptly forward copies of such interest rate elections to the Banks. In the case of any Borrowing comprised of a LIBOR Tranche, upon determination by the Agent, the Agent shall promptly notify the Borrower and the Banks of the applicable interest rate for such Tranche. (ii) With respect to any TrancheTranche under the Revolving Loan, the Borrower may continue or convert any portion of any LIBOR Tranche or Base Prime Rate Tranche to form new LIBOR Tranches or Base Prime Rate Tranches under the Revolving Loan in accordance with this paragraph. Each such continuation or conversion shall be made pursuant to a Continuation/Conversion Request given by the Borrower to the Lender Agent in writing or by telecopy not later than 11:00 a.m. 12:00 noon (Houston, Texas, timelocal time at the Applicable Lending Office of the Agent) on the fourth third Business Day before the date of the proposed continuation or conversion. Each Continuation/Conversion Request shall be fully completed and shall specify the information required therein, and shall be irrevocable and binding on the Borrower. The Agent shall promptly forward notice of the continuation or conversion to the Banks. In the case of any continuation or conversion into LIBOR Tranches, upon determination by the Borrower's requestAgent, the Lender Agent shall notify the Borrower and the Banks of the applicable interest rate. Continuations and conversions involving LIBOR of Tranches shall be made in integral multiples of the Minimum LIBOR Tranche Multiple. No continuation or conversion shall be permitted if such continuation or conversion would cause the aggregate outstanding principal amount of any LIBOR Tranche which would remain outstanding under or the Loan aggregate outstanding principal amount of all Prime Rate Tranches which would remain outstanding to be less than the Minimum LIBOR Tranche Amount. At no time shall there be more than five eight separate LIBOR Tranches outstandingoutstanding under the Revolving Loan. Any conversion of an existing LIBOR Tranche is subject to Section 2.62.5. Subject to the satisfaction of all applicable conditions precedent, the Lender Agent and the Banks shall before close of business on the date requested by the Borrower for the continuation or conversion, make such continuation or conversion. (iiiii) At the end of the Interest Period for any LIBOR Tranche Tranche, if the Borrower has not continued or converted such LIBOR Tranche into new Tranches as provided for in paragraph (iii) above, the Borrower shall be deemed to have continued such LIBOR Tranche as a Base Prime Rate Tranche. Each Base Prime Rate Tranche shall continue as a Base Prime Rate Tranche unless the Borrower converts such Base Prime Rate Tranche as provided for in paragraph (iii) above.

Election of Interest Rate Basis. The Borrower may select the interest rate basis for each Loan to the outstanding principal amount of the Loan Borrower in accordance with the terms of this Section 2.5(a), except that the Loan initially shall consist of only a Base Rate Tranche:): (i) Under the Borrowing Request provided to the Agent in connection with the making of each Borrowing under any Loan, the Borrower shall select the amount and the Type of the Tranches, and for each LIBOR Tranche selected, any permitted Interest Period for each such LIBOR Tranche, which will comprise such Borrowing, provided that (A) at no time shall there be more than eight separate LIBOR Tranches outstanding under any Loan and (B) each Tranche must be in a principal amount equal to or greater than the Minimum Tranche Amount and be made in multiples of the Minimum Tranche Multiple. Such interest rate elections must be provided to the Agent in writing or by telecopy not later than 1:00 p.m. (local time at the Applicable Lending Office of the Agent) on the third Business Day before the date of any proposed Borrowing comprised of a LIBOR Tranche or 11:00 a.m. (local time at the Applicable Lending Office of the Agent) on the same day of any proposed Borrowing comprised solely of a Prime Rate Tranche. The Agent shall promptly forward copies of such interest rate elections to the Banks. In the case of any Borrowing comprised of a LIBOR Tranche, upon determination by the Agent, the Agent shall promptly notify the Borrower and the Banks of the applicable interest rate to such Tranche. (ii) With respect to any TrancheTranche under any Loan, the Borrower may continue or convert any portion of any LIBOR Tranche or Base Prime Rate Tranche to form new LIBOR Tranches or Base Prime Rate Tranches under the same Loan in accordance with this paragraph. Each such continuation or conversion shall be deemed to create a new Tranche for all purposes of this Agreement. Each such continuation or conversion shall be made pursuant to a Continuation/Conversion Request given by the Borrower to the Lender Agent in writing or by telecopy not later than 11:00 a.m. 2:00 p.m. (Houston, Texas, timelocal time at the Applicable Lending Office of the Agent) on the fourth third Business Day before the date of the proposed continuation or conversion. Each Continuation/Conversion Request shall be fully completed and shall specify the information required therein, and shall be irrevocable and binding on the Borrower. If the Continuation/Conversion Request is accepted by the Agent, the Agent shall promptly forward notice of the continuation or conversion to the Banks. In the case of any continuation or conversion into LIBOR Tranches, upon determination by the Borrower's requestAgent, the Lender Agent shall notify the Borrower and the Banks of the applicable interest rate. Continuations and conversions involving LIBOR of Tranches shall be made in integral multiples of the Minimum LIBOR Tranche Multiple. No continuation or conversion shall be permitted if such continuation or conversion would cause the aggregate outstanding principal amount of any LIBOR Tranche which would remain outstanding under or the Loan aggregate outstanding principal amount of all Prime Rate Tranches which would remain outstanding to be less than the Minimum LIBOR Tranche Amount. At no time shall there be more than five eight separate LIBOR Tranches outstandingoutstanding under any Loan. Any conversion of an existing LIBOR Tranche is subject to Section 2.6. Subject to the satisfaction of all applicable conditions precedent, the Lender Agent and the Banks shall before close of business on the date requested by the Borrower for the continuation or conversion, make such continuation or conversion. (iiiii) At the end of the Interest Period for any LIBOR Tranche if the Borrower has not continued or converted such LIBOR Tranche into new Tranches as provided for in paragraph (iii) above, the Borrower shall be deemed to have continued such LIBOR Tranche as a Base Rate Tranchenew LIBOR Tranche under the same Loan with an Interest Period of one month. Each Base Prime Rate Tranche shall continue as a Base Prime Rate Tranche under the same Loan unless the Borrower converts such Base Prime Rate Tranche as provided for in paragraph (iii) above.

Election of Interest Rate Basis. The Borrower may select the interest rate basis for the outstanding principal amount of the Loan each Borrowing in accordance with the terms of this Section 2.5(a), except that the Loan initially shall consist of only a Base Rate Tranche:): (i) Under the Borrowing Request provided to the Agent in connection with the making of each Borrowing under the Revolving Credit Loan, the Borrower shall select the amount and the Type of the Tranches, and for each LIBOR Tranche selected, any permitted Interest Period for each such LIBOR Tranche, which will comprise such Borrowing, provided that (A) at no time shall there be more than eight separate LIBOR Tranches outstanding under the Revolving Credit Loan and (B) each Tranche must be in a principal amount equal to or greater than the Minimum Tranche Amount and be made in multiples of the Minimum Tranche Multiple. Such interest rate elections must be provided to the Agent in writing or by telecopy not later than 11:00 a.m. (Dallas, Texas time) (A) on the third Business Day before the date of any proposed Borrowing comprised of a LIBOR Tranche, or (B) on the same day of any proposed Borrowing comprised solely of a Prime Rate Tranche. The Agent shall promptly forward copies of such interest rate elections to the Banks. In the case of any Borrowing comprised of a LIBOR Tranche, upon determination by the Agent, the Agent shall promptly notify the Borrower and the Banks of the applicable interest rate for such Tranche. (ii) With respect to any TrancheTranche under the Revolving Credit Loan, the Borrower may continue or convert any portion of any LIBOR Tranche or Base Prime Rate Tranche to form new LIBOR Tranches or Base Prime Rate Tranches under the Revolving Credit Loan in accordance with this paragraph. Each such continuation or conversion shall be made pursuant to a Continuation/Conversion Request given by the Borrower to the Lender Agent in writing or by telecopy not later than 11:00 a.m. (HoustonDallas, Texas, Texas time) on the fourth third Business Day before the date of the proposed continuation or conversion. Each Continuation/Conversion Request shall be fully completed and shall specify the information required therein, and shall be irrevocable and binding on the Borrower. The Agent shall promptly forward notice of the continuation or conversion to the Banks. In the case of any continuation or conversion into LIBOR Tranches, upon determination by the Borrower's requestAgent, the Lender Agent shall notify the Borrower and the Banks of the applicable interest rate. Continuations and conversions involving LIBOR of Tranches shall be made in integral multiples of the Minimum LIBOR Tranche Multiple. No continuation or conversion shall be permitted if such continuation or conversion would cause the aggregate outstanding principal amount of any LIBOR Tranche which would remain outstanding under or the Loan aggregate outstanding principal amount of all Prime Rate Tranches which would remain outstanding to be less than the Minimum LIBOR Tranche Amount. At no time shall there be more than five eight separate LIBOR Tranches outstandingoutstanding under the Revolving Credit Loan. Any conversion of an existing LIBOR Tranche is subject to Section 2.62.5. Subject to the satisfaction of all applicable conditions precedent, the Lender Agent and the Banks shall before close of business on the date requested by the Borrower for the continuation or conversion, make such continuation or conversion. (iiiii) At the end of the Interest Period for any LIBOR Tranche Tranche, if the Borrower has not continued or converted such LIBOR Tranche into new Tranches as provided for in paragraph (iii) above, the Borrower shall be deemed to have continued such LIBOR Tranche as a Base Prime Rate Tranche. Each Base Prime Rate Tranche shall continue as a Base Prime Rate Tranche unless the Borrower converts such Base Prime Rate Tranche as provided for in paragraph (iii) above.

Election of Interest Rate Basis. The Borrower may select the interest rate basis for each Loan to the outstanding principal amount of the Loan Borrower in accordance with the terms of this Section 2.5(a), except that the Loan initially shall consist of only a Base Rate Tranche:): (i) Under the Borrowing Request provided to the Agent in connection with the making of each Borrowing under any Loan, the Borrower shall select the amount and the Type of the Tranches, and for each LIBOR Tranche selected, any permitted Interest Period for each such LIBOR Tranche, which will comprise such Borrowing, provided that (A) at no time shall there be more than ten separate LIBOR Tranches outstanding under this Agreement and (B) each Tranche must be in a principal amount equal to or greater than the Minimum Tranche Amount and be made in multiples of the Minimum Tranche Multiple. Such interest rate elections must be provided to the Agent in writing or by telecopy not later than 1:00 p.m. (local time at the Applicable Lending Office of the Agent) on the third Business Day before the date of any proposed Borrowing comprised of a LIBOR Tranche or 11:00 a.m. (local time at the Applicable Lending Office of the Agent) on the same day of any proposed Borrowing comprised solely of a Prime Rate Tranche. The Agent shall promptly forward copies of such interest rate elections to the Banks. In the case of any Borrowing comprised of a LIBOR Tranche, upon determination by the Agent, the Agent shall promptly notify the Borrower and the Banks of the applicable interest rate to such Tranche. (ii) With respect to any TrancheTranche under any Loan, the Borrower may continue or convert any portion of any LIBOR Tranche or Base Prime Rate Tranche to form new LIBOR Tranches or Base Prime Rate Tranches under the same Loan in accordance with this paragraph. Each such continuation or conversion shall be deemed to create a new Tranche for all purposes of this Agreement. Each such continuation or conversion shall be made pursuant to a Continuation/Conversion Request given by the Borrower to the Lender Agent in writing or by telecopy not later than 11:00 a.m. 2:00 p.m. (Houston, Texas, timelocal time at the Applicable Lending Office of the Agent) on the fourth third Business Day before the date of the proposed continuation or conversion. Each Continuation/Conversion Request shall be fully completed and shall specify the information required therein, and shall be irrevocable and binding on the Borrower. If the Continuation/Conversion Request is accepted by the Agent, the Agent shall promptly forward notice of the continuation or conversion to the Banks. In the case of any continuation or conversion into LIBOR Tranches, upon determination by the Borrower's requestAgent, the Lender Agent shall notify the Borrower and the Banks of the applicable interest rate. Continuations and conversions involving LIBOR of Tranches shall be made in integral multiples of the Minimum LIBOR Tranche Multiple. No continuation or conversion shall be permitted if such continuation or conversion would cause the aggregate outstanding principal amount of any LIBOR Tranche which would remain outstanding under or the Loan aggregate outstanding principal amount of all Prime Rate Tranches which would remain outstanding to be less than the Minimum LIBOR Tranche Amount. At no time shall there be more than five eight separate LIBOR Tranches outstandingoutstanding under any Loan. Any conversion of an existing LIBOR Tranche is subject to Section 2.6. Subject to the satisfaction of all applicable conditions precedent, the Lender Agent and the Banks shall before close of business on the date requested by the Borrower for the continuation or conversion, make such continuation or conversion. (iiiii) At the end of the Interest Period for any LIBOR Tranche if the Borrower has not continued or converted such LIBOR Tranche into new Tranches as provided for in paragraph (iii) above, the Borrower shall be deemed to have continued such LIBOR Tranche as a Base Rate Tranchenew LIBOR Tranche under the same Loan with an Interest Period of one month. Each Base Prime Rate Tranche shall continue as a Base Prime Rate Tranche under the same Loan unless the Borrower converts such Base Prime Rate Tranche as provided for in paragraph (iii) above.